If you come across a website or a YouTube video, in which Elon Musk, or Twitter founder Jack Dorsey, “promote” a cryptocurrency scheme in which you’ll double your investment in a day - know that it’s a scam, that the two tech entrepreneurs/celebrities aren’t promoting any such schemes, and that if you send any of your crypto to the promoted wallets, you’ll never see it again.
Cybersecurity experts from McAfee have uncovered a simple, yet elaborate scheme that has so far raked in more than $1.3 million in various cryptocurrencies for the schemers. The scheme uses no malware, but rather preys on gullible cryptocurrency investors.
The entire operation is simple and involves promoting the scheme through an edited version of an old live panel discussion on cryptocurrency with Elon Musk, Jack Dorsey, and Cathie Wood at Ark Invest’s “The ₿ Word” conference.
Share your thoughts on Cybersecurity and get a free copy of the Hacker's Manual 2022. Help us find how businesses are preparing for the post-Covid world and the implications of these activities on their cybersecurity plans. Enter your email at the end of this survey to get the bookazine, worth $10.99/£10.99.
The fraudsters are also abusing YouTube to promote the scam. In its investigation, BleepingComputer has found nine channels, some with as many as a million subscribers. The figures, however, seem to be fake, as these videos have no other content other than the video promoting the scam.
Elon Musk and Jack Dorsey’s identities are often abused to promote various cryptocurrency scams, mostly because of Musk’s Tesla accepting bitcoin for payment at one point, as well as Dorsey’s vehement support for the nascent technology.
However, they’ve never participated in any giveaways, airdrops, crypto schemes, or anything similar, and most likely never will.